Mar 14, 2024 03:39 AM
FINANCE
Country Garden Misses Yuan Bond Payment for First Time
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Country Garden shook markets when it defaulted on its dollar debt in October but has so far managed to avoid doing so on its local-currency obligations
(Bloomberg) — Country Garden Holdings Co. Ltd. missed a coupon payment on a yuan bond for the first time, adding to the woes of the Chinese developer as it faces a lawsuit seeking its liquidation offshore.
The builder’s main onshore unit hasn’t fully prepared a 96 million-yuan ($13 million) coupon that came due on Tuesday for a 4.8% yuan bond maturing in 2026, the company said in a response to Bloomberg. There is a 30 trading-day grace period for the payment, it added.
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